Former Somerfield boss David Simons has publicly admitted that the Kwik Save acquisition was a mistake ­ and one that cost him a £10m fortune. In an interview to be broadcast by HTV West on Tuesday, Simons reveals: "At the time of the flotation I bought a lot of shares and with cash. I enjoyed what happened when the shares went from £1.45 to £4.80. And on paper it was worth a lot of money. "I didn't sell a single share at the time and was advised that could be the wrong signal to give to anybody. "So when the shares collapsed my own wealth collapsed with it." Simons also tells the West Eye View programme: "With the benefit of hindsight the acquisition of Kwik Save was a mistake. We shouldn't have done it. We rushed it. "Ultimately the share price relfected reality as we started to have difficulty in converting stores from Kwik Save to Somerfield." But he defends the decision to sell those Kwik Save stores that would not convert to a Somerfield format ­ a policy reversed by the company's new management ­ and says he would have retained the company's 24/7 home shopping service. E-tailing is a major part of a new venture being fronted by Simons. He has formed a company called Egremont which he describes as a hybrid "incubator and consultancy" for new businesses. Simons told The Grocer: "It's about taking a stake in businesss, supporting them and helping them grow." He said Egremont was also keen to help more established businesses introduce a "clicks aspect" to their operations. Most of the work is outside grocery ­ although he said "one of the many companies" he had looked at was in the sector. Ex-Somerfield people were among those working with Egremont, Simons added. {{NEWS }}

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